Phoenix Foreclosure Auctions

8 Replies

I'm a college student in Phoenix, AZ at Grand Canyon University. Growing up in Nebraska, my dad owned some rental houses and also bought a couple houses on foreclosure and I got the pleasure of helping fix and flip. That experience got me thinking real estate.

Lately I've been getting extremely interested in real estate investing. I have been listening to podcasts, watching YouTube videos, and reading books and articles trying to learn everything I can about how the RE industry works. I recently listened to the BP podcast with Bryce Stewart where he talks about "vacuuming the truck." Anyone that hasn't listened to it should go check it out: episode 276. After listening to that, I realized I don't know how to make deals in real estate, and I've been making excuses because I'm a college student and I don't have a ton of time or income. But, it's free to go to foreclosure auctions and talk to people who do know what they're doing in real estate, so that's what I'm going to try to do. 

If someone could point me to where I can find foreclosure listings in Phoenix, and when/where the auctions are held  that would be much appreciated!

Thanks!

Originally posted by @Cameron Carney :

I'm a college student in Phoenix, AZ at Grand Canyon University. Growing up in Nebraska, my dad owned some rental houses and also bought a couple houses on foreclosure and I got the pleasure of helping fix and flip. That experience got me thinking real estate.

Lately I've been getting extremely interested in real estate investing. I have been listening to podcasts, watching YouTube videos, and reading books and articles trying to learn everything I can about how the RE industry works. I recently listened to the BP podcast with Bryce Stewart where he talks about "vacuuming the truck." Anyone that hasn't listened to it should go check it out: episode 276. After listening to that, I realized I don't know how to make deals in real estate, and I've been making excuses because I'm a college student and I don't have a ton of time or income. But, it's free to go to foreclosure auctions and talk to people who do know what they're doing in real estate, so that's what I'm going to try to do. 

If someone could point me to where I can find foreclosure listings in Phoenix, and when/where the auctions are held  that would be much appreciated!

Thanks!

 Most auctions are held monday thru friday at the courthouse downtown from 9:00am to noon. Some are held in the attorney's office. Just do a general online search for Foreclosures+Maricopa

@Cameron Carney One of the best places to learn about how auctions work here is through Auctions.com. They have a weekly free workshop where they feature exactly how the auctions work and then they have a guest speaker who goes into greater detail. Go to their site to sign up for their event emails. Also, they have an app that will show you what properties are scheduled for auction and some details. Don't get too excited too early because I've been tracking several properties for half a year and they keep getting postponed rather than making it to auction.

Also, Phoenix is awash in wholesalers who are pounding the streets to try to buy these homes before they ever make it to auction. If you really want to get a sense of how that all works, there is a great free event every month put on by Phoenix REIA. This is different from the large, more all-encompassing AZREIA. Phoenix REIA attracts the top wholesalers and fix and flippers. Next Tuesday 11/19 is their monthly meeting. The level of speakers is amazing. Plus there's free food and drinks, which fits in perfectly with your college budget. You can sign up on their website. They used to charge an entrance fee, but Fidelity National Title and their other sponsors allow them to make it free.

Who knows? You might find you want to become one of those wholesalers to get your start. If so, consider listening to Steve Trang's podcast, Real Estate Disruptors, and watching Brent Daniels YouTube videos. Maybe you already do!

Best of luck!

Melanie

@Cameron Carney definitely go check out auctions at the courthouse steps. It's interesting to watch, but don't be surprised if you don't learn much. The deals move quickly and the bidders are mostly just guys on Bluetooth headsets talking to the actual buyers who do this day in and day out. They're out there to win deals and can't miss a target property or risk missing a bid by chit-chatting. 

I've bought a few foreclosure properties and they can be extremely risky. You need $10,000 cashier's check in hand to even place a bid. If you win the auction, the balance is due by 5 pm the next business day via all cash (or hard money). The properties are sold completely as-is, where-is, no inspections, no warranties...not even keys! 

@Melanie Johnston is right that you'd probably learn a whole lot more by going to the Phoenix REIA meeting. Those meetings are meant to both educate and connect like minded investors.

@Ryan Swan , Thank you for the advice! I'm sure the auctions are hectic. I'll definitely still go to a couple just to see what it's like. I'm glad this thread brought up the Phoenix REIA meetings, because I wouldn't have known about them otherwise. Thanks again!